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Treasury: IRS Could Collect $561 Billion in Revenue Thanks to Inflation Reduction Act

CPA Practice

The [Biden] administration has proposed extending and maintaining IRS investments after the IRA funds are exhausted, which would enable the IRS to collect $851 billion over 2024 to 2034.

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AICPA Asks IRS for Guidance on Excess Business Losses

CPA Practice

IRC Section 461(l) disallows EBLs for taxpayers other than C corporations for tax years beginning after 2020 and before 2029. The letter also provides recommendations to help the IRS deliver practical guidance that would be helpful to both taxpayers and tax practitioners.

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Quantum Computing Could Spark Cybersecurity Armageddon, Says IBM

CPA Practice

He said a “trainwreck” is unfolding, estimating that it will take banks eight to ten years to transfer to post-quantum protocols, while scalable quantum computers will be available by 2029 or 2030. Anything that uses encryption, from ecommerce to online banking, is at risk, according to Hidary.

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What’s new in sales tax?

TaxConnex

State updates California has expanded its sales and use tax exemption for new, used or remanufactured trucks and new or remanufactured trailers or semitrailers delivered to a purchaser in state for use in interstate commerce to include used trailers or semitrailers. The sunset of this expanded exemption is also extended to Jan.

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How Might Subscription Commerce Look In 2029?

PYMNTS

You don’t need a subscription for this brief trip down memory lane — but the way things are going, you might one day. Think back to 2009, just as Recurly CEO Dan Burkhart and Karen Webster of PYMNTS did during a recent discussion about all that has changed in the past decade when it comes to subscription commerce.

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Senate Passes Inflation Reduction Act

Withum

The limitation would apply to tax years beginning before January 1, 2029. There is a provision that extends for two years the section 461(l) loss limitation rules that apply to noncorporate taxpayers.

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What's new in July for state sales and use taxes

TaxConnex

If the revenue from the gross receipts tax in any single fiscal year from 2026 to 2029 is less than the 95% of the previous year’s revenue, the rate will return to 5.125% on the following July 1. The rate has dropped from 5.125% to 5%. A further reduction to 4.875% is slated for mid-2023.

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